Terreno Realty Corporation Announces Completion of Redevelopment in Rancho Dominguez, CA
BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the redevelopment of its 2.8-acre improved land parcel in Rancho Dominguez, California and leased 100% of the property on a short-term basis.
The redeveloped property, an improved land parcel on the site of a former 51,000 square-foot building at 14805 S. Maple Avenue, is adjacent to two Terreno Realty Corporation improved land parcels on S. Maple Avenue and between Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The total cost of the redeveloped property is approximately $28.3 million. The property is 100% leased on a short-term basis to a trucking and transloading provider for 18 months and the stabilized cap rate of the redeveloped property is approximately 2.3%.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
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Jaime Cannon
415-655-4580
KEYWORDS: California Washington United States North America
INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property
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